JOINT VENTURE AGREEMENT
THE PARTIES: This Joint Venture Agreement (“Agreement”) made on
______________________, 20____, is between ______________________ with a mailing
address of ______________________, City of ______________________, State of
______________________ and ______________________ with a mailing address of
______________________, City of ______________________, State of
______________________ both of whom agree as follows:
IN CONSIDERATION OF the matters described above and of the mutual benefits and
obligations set forth in this Agreement, the receipt and sufficiency of which consideration is
hereby acknowledged, ________ (individually the “Party” and collectively “The Parties” to this
agreement) agree as follow:
TERMS
1. TERM OF AGREEMENT
The term of this agreement (the “Term”) will begin on the date on this agreement and
will remain on full force and effect for one year, subject to earlier termination as provided
in this Agreement. The Term may be extended with the written consent of the parties.
2. AUTHORITY TO ENTER AGREEMENT
Each Party warrants that the individuals who signed this Agreement have the actual legal
power, right and authority to make this agreement and bind each respective Party.
3. FORMATION
The parties are planning to invest together in the acquisition of a lease for rental arbitrage
purpose. It’s an Airbnb option where the parties don’t necessarily buy a house but instead
lease it in order to offer Airbnb services. The parties agree that the profit-sharing ratio
would be determined by the amount each party invested. The address of the property
being leased is ____________________. The property can only be used for short term
rental and can be advertised on platforms such as Airbnb, Vrbo, booking, com, etc.
4. CONTRIBUTIONS
For the purpose of the Joint Venture, the parties shall an investment in the ratio of
______________ per party in the business. Any operational costs are also ____________
5. OWNERSHIP
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The parties have agreed that the collaboration is an insinuation of co-ownership of the
business as they will all be fully involved in the running of the business, profits, losses
and liabilities will be shared equally as per the amount invested.
6. DISTRIBUTION OF PROFITS/LOSSES
The profit-sharing and losses will be shared equally as per the percentage of investment
made.
7. PAYMENT TERMS
A nonrefundable initial payment of ___________will be made by all the parties involved.
Monthly profits and losses will be shared accordingly to amount/percentage invested
every 15th of the following month.
8. INTELLECTUAL PROPERTY
All designs, all logos, trademarks and any written or verbal conversations disclosing
company business practices or creative designs shall be owned by the company.
9. DUTIES OF PARTIES
Blue Romarin Property LLC, will be the one managing the funds, listings and all
bookings on the platforms used for advertisement. The LLC will be responsible for
making management and strategy decisions, hiring professional cleaners, maintenance.
Heavy maintenance will be performed by property owner.
10. PARTNERSHIP
The Joint Venture shall be construed to create a partnership or any other fiduciary
obligations between the parties.
11. EXCLUSIVITY
This Agreement obligates that the parties shall not be part of another joint venture of the
same nature for 6 months.
12. NON-COMPETE CLAUSE
During the term of this agreement and for a period of two years following the date
Executive ceases to be partners by the Company and its affiliates, Executive will not:
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engage in any Competitive Activity, induce or attempt to induce customers, business
relations or accounts of the Company or any of its affiliates to relinquish their contracts
or relationships with the Company or any its affiliates or solicit, entice, assist or induce
other employees, agents or independent contractors to leave the employ of the Company
or any of its affiliates or to terminate their engagements with the Company and/or any of
its affiliates or assist any competitors of the Company or any of its affiliates in securing
the services of such employees, agents or independent contractors
13. CONFIDENTIALITY
Except as otherwise expressly permitted in this Agreement, the parties shall not disclose
or use in any manner, directly or indirectly, any Confidential Information either during
the term of this Agreement or at any time thereafter, except as required to perform their
respective duties and responsibilities or with the other party’s prior written consent. Both
parties agree that all Confidential Information disclosed and received shall remain secret
and confidential during the term of this Agreement and continue thereafter for 10 years
after this Agreement is terminated or expires.
14. NON-DISCLOSURE
The parties hereto agree, recognize and acknowledge that during the Term the Executive
shall obtain knowledge of confidential information regarding the business and affairs of
the Company. It is therefore agreed that the Executive will respect and protect the
confidentiality of all confidential information pertaining to the Company, and will not (I)
without the prior written consent of the Company, (ii) unless required in the course of the
Executive’s employment hereunder, or (iii) unless required by applicable law, rules,
regulations or court, government or regulatory authority order or decree, disclose in any
fashion such confidential information to any person (other than a person who is a director
of, or who is employed by, the Company or any subsidiary or who is engaged to render
services to the Company or any subsidiary) at any time during the Term.
15. DISPUTE RESOLUTION CLAUSE
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If the Parties are unable to resolve a Dispute through informal negotiations, the Dispute
will be finally and exclusively resolved by binding arbitration. The arbitration shall be
commenced and conducted under the Commercial Arbitration Rules of the American
Arbitration Association ("AAA"). The arbitration may be conducted in person, through
the submission of documents, by phone, or online. The arbitrator will make a decision in
writing, but need not provide a statement of reasons unless requested by either Party. The
arbitrator must follow applicable law, and any award may be challenged if the arbitrator
fails to do so. If for any reason, a Dispute proceeds in court rather than arbitration, the
Dispute shall be commenced or prosecuted in the state and federal courts located in
[name of county] County, [name of state], and the Parties hereby consent to, and waive
all defenses of lack of personal jurisdiction, and forum non convenient with respect to
venue and jurisdiction in such state and federal courts. Application of the United Nations
Convention on Contracts for the International Sale of Goods and the Uniform Computer
Information Transaction Act (UCITA) are excluded from these Terms of Use.
16. TERMINATION
During the course of this agreement, the parties may terminate this Agreements if there is
illegal activity, if the party is unable to make payment as provided in the contract,
destruction of property or any other breach.
17. NOTICES
All notices under this Agreement shall be in writing and sent to the address of the
recipient specified herein. Any such notice may be delivered by hand, by overnight
courier, certified mail with return receipt, or first class pre-paid letter, and will be deemed
to have been received (1) if delivered by hand – at the time of delivery; (2) if delivered by
overnight courier – 24 hours after the date of delivery to courier with evidence from the
courier; (3) if delivered by certified mail with return receipt – the date as verified on the
return receipt; (4) if delivered by first class mail – three (3) business days after the date of
mailing.
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18. AMENDMENT AND MODIFICATION
No supplement, modification or amendment of this Agreement shall be binding unless
executed in writing and signed by both parties
19. ENFORCEABILITY, SEVEABILITY AND REFORMATION
If any provisions of this Agreement shall be held to be invalid or unenforceable for any
reason, the remaining provisions shall continue to be valid and enforceable. If a court
finds that improvision this Agreement is invalid and unenforceable, but that Agreement
provision it would become valid and enforceable, then such provision shall be deemed to
be written, construed, and enforced as so limited. The intent of the Parties is to provide as
broad an indemnification as possible under Arizona laws. In the event that any aspect of
this Agreement is deemed unenforceable, the court is empowered to modify this
Agreement to give the broadest possible interpretation permitted under Arizona law.
20. FORCE MAJEURE
Neither party shall be liable for any failure to perform under this Agreement when such
failure is due to causes beyond that party’s reasonable control, including, but not limited
to, acts of State or governmental authorities, acts of terrorism, natural catastrophe, fire,
storm, flood, earthquakes, accident, and prolonged shortage of energy.
21. APPLICABLE LAW
This Agreement shall be governed exclusively by the laws of Arizona, without regard to
conflict of law provisions
22. EXCLUSIVE VENUE AND JURISDICTION
Any lawsuits or legal proceeding arising out of or relating to this Agreement in any way
whatsoever shall be exclusively brought and litigated in the federal and state courts of
Arizona. Each Party expressly consents and submits to this exclusive jurisdiction and
exclusive venue. Each Party expressly waives the right to challenge this jurisdiction
and/or venue as improper or inconvenient. Each Party consents to the dismissal of any
lawsuits that they bring in any other jurisdiction or venue.
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23. ENTIRE AGREEMENT
This Agreement contains the entire agreement between the Parties related to the matters
specified herein, and supersedes any prior oral or written statements or agreements
between the Parties related to such matters.
24. WAIVER
No waiver of any default shall constitute a waiver of any default or breach, whether of
the same or other covenant or condition. No of any service voluntarily given or
performed by a Party shall give the other Party any contractual right by contractual right
or otherwise.
IN WITNESS WHEREOF, this Agreement was signed by the parties under the hands of their
duly authorized officers and made effective as of the undersigned date.
Manager’s Signature __________________________ Date ________________
Print Name ____________________________
Company Name;
Partner’s Signature __________________________ Date ________________
Print Name ____________________________
Company Name ____________________________
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